Corporate Properties Limited
TSX VENTURE : CPR

November 13, 2006 17:27 ET

SeaMiles, Any Cruise Line. Any Time Launches New Partnership with Chase Card Services

TORONTO, ONTARIO--(CCNMatthews - Nov. 13, 2006) - Corporate Properties Limited (TSX VENTURE:CPR) is pleased to announce that its wholly owned subsidiary, SeaMiles, LLC of Fort Lauderdale, Florida has signed a long-term bank card marketing agreement with Chase Bank USA N.A, the credit card division of JPMorgan Chase (NYSE:JPM).

Chase and SeaMiles will be issuing the SeaMiles Rewards Card which enables consumers to earn for everyday spend, and much more, while redeeming on the cruise line of their choice through SeaMiles' unique redemption platform. "This collaboration raises the bar for loyalty programs within the cruise industry based on the unparalleled flexibility of the SeaMiles program, supported by the experience and credibility of the Chase organization. The SeaMiles/Chase partnership promises to set a new standard by delivering tremendous value and service for new cruisers and seasoned aficionados alike," states Peter Rooney, President of SeaMiles.

SeaMiles began in December 2004 and is the most distinctive loyalty program of its kind in the travel industry. By design, the "Any Cruise Line. Any Time" philosophy is a departure from the standard restrictions of co-branded loyalty programs. Customers are encouraged to redeem their points as freely as they earned them, on the cruise line of their choice. With the absence of product or seasonality restrictions, customers have responded with great enthusiasm and in only its second year, this simple and effective value proposition continues to experience tremendous growth.

According to Rooney, "with the strength of the Chase partnership, SeaMiles will continue to expand its program throughout the North American cruise market by offering tangible cumulative value with every purchase and embracing the customer's right to redeem."

The new credit card program is expected to launch in early 2007, giving cardmembers opportunities to earn bonus points by booking the cruise line of their choice on the card as well as earning points on everyday purchases, including purchases made onboard cruise ships. Accumulated SeaMiles points may then be redeemed for free or discounted cruises on any cruise line, without restriction.

Another exciting enhancement for the new SeaMiles program is the launch of a preferred partner network of travel agent retailers. SeaMiles will be working with several of the market's leading cruise retailers in both the accrual and redemption elements of the program. "SeaMiles recognizes the value of the professional cruise agent within the overall cruise experience and wants to facilitate the ability for our customers to engage in the program through their preferred channel," adds Rooney.

Cruising has become a phenomenally popular form of travel for North Americans and has been a steadily growing segment of the travel business for the past 30 years. 13 million North Americans cruised in 2005, a steady increase of 8.73% over the previous year. The cruise industry continues to add more and more capacity to meet the ever increasing demand.

As North America's premier cruise loyalty provider, SeaMiles is committed to recognizing and rewarding the cruiser through multiple earning opportunities and best-in-class, maximum award flexibility. SeaMiles, Any Cruise Line. Any Time.

About JPMorgan Chase & Co.

JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $1.3 trillion and operations in more than 50 countries. The company has more than 100 million credit cards issued. Under the JPMorgan and Chase brands, the firm serves millions of consumers in the United States and many of the worlds most prominent corporate, institutional and government clients. Information about the firm is available at www.jpmorganchase.com.

The TSX Venture Exchange has neither approved nor disapproved of this press release.

Contact Information

  • Media Contacts:
    SeaMiles
    Peter Rooney, President
    (416) 398-1555 ext. 442
    or
    Chase Card Services
    Jessica Iben
    (302) 282-6150